Companies Reporting: Coca-Cola, easyJet, AstraZeneca

Our regular look at the FTSE 350 and a selection of other companies reporting from 22 – 26 July.

• Coca-Cola hoping to see revenue keep bubbling higher.
• Commentary on easyJet’s near-term outlook is set to be in focus.
• Can AstraZeneca build on its strong start to the year?

Coca-Cola, Q2 Results, Tuesday 23 July

Aarin Chiekrie, equity analyst, Hargreaves Lansdown: Back in the first quarter, Coca-Cola LON:CCH blew the lid off market expectations for revenue growth. Helped by higher prices to offset intense inflation in certain markets, underlying revenue grew organically by 9% to $11.2bn, ignoring exchange rates. Underlying operating profits were also up an impressive 13% to $3.6bn as margins improved.

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When the group reports next week, markets expect to hear that this positive momentum has spilled over into the second quarter. Thanks to the group’s diverse portfolio of drinks and continued marketing efforts, recently upgraded revenue and profit growth guidance looks achievable. Healthy cash flow generation also means investors could see scope for further acquisitions or increased share buybacks in the near to medium term.

easyJet, Q3 Results, Wednesday 24 July

Aarin Chiekrie: Markets didn’t react too well to easyJet’s LON:EZJ last set of results, despite half-year revenues soaring 22% to £3.3bn. That was largely thanks to a weak outlook in the group’s commentary on bookings and revenue per seat in the short term. News that CEO, Johan Lundgren, is stepping down from the captain’s seat also increased uncertainty. But, with his successor already lined up in the form of the current CFO, analysts see limited transition risk.

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Next week’s third-quarter results shouldn’t throw up too many surprises. Capacity is set to rise 8% over the second half, and investors are keen to hear how progress on that front is tracking. Travel remains important for customers, so an increased ability to meet this demand will be key to lifting the group’s fortunes.

AstraZeneca, Half Year Results, Thursday 25 July

Derren Nathan, head of equity analysis, Hargreaves Lansdown: AstraZeneca LON:AZN has, so far, left its full-year guidance unchanged, despite a better-than-expected start to the year. Next week, markets find out if that momentum carried over into the second quarter and if there’s been any change to the outlook for 2024. Currently, management anticipates low double-digit to low teens growth for both revenue and underlying earnings per share (EPS), when ignoring exchange rates.

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Several approvals were granted for the company’s medicines over the period, and investors are keen to hear the commercial outlook for these treatments. It’s also been a busy quarter for external investments and acquisitions. Investors will want to know how this is contributing towards the target of launching 20 new medicines by the end of the decade.

This article has been brought to you in association with Hargreaves Lansdown. All opinions expressed in this article are from the analysts and do not necessarily represent the opinions of The Armchair Trader.

FTSE 100, FTSE 250 and selected other companies scheduled to report